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Tech Takes Over From Finance as Manhattan’s Office Leasing Driver

For decades, sure. Banks and ancillary industries, such as insurance and the real estate industry, itself, animated the borough’s commercial property. The acronym FIRE — finance, insurance and real estate — became literal shorthand to describe where most office leasing activity came from in Manhattan.

That’s changing. Now, it’s technology companies driving the leasing market in a way never seen before. They and companies in related industries, such as advertising, marketing and information services — or TAMI — account for most of Manhattan’s leasing momentum coming out of COVID and for many of its biggest deals during the pandemic.

Commercial Observer

Photo by Christina on Unsplash

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